CASH-STRAPPED chemicals group ICI said it will axe 1,400 more jobs in a bid to cut debts and restore failing profits.

CASH-STRAPPED chemicals group ICI said it will axe 1,400 more jobs in a bid to cut debts and restore failing profits.

The global job losses are scheduled to take place over the next three years, and will include 300 UK posts affecting Runcorn, London and Teeside.

The latest round of redundancies is linked to a 22% slump in profits and comes after 700 job losses were announced by the specialist paints and chemicals company in May.

An ICI spokeswoman has been unable to disclose the exact number of cuts earmarked for Runcorn, but said two departments are likely to be affected and further announcements will be made in the autumn.

The corporate cuts have been made as Ineos Chlor's own future has been secured by a &#xA3;50m Government grant and an agreed &#xA3;60m from ICI shareholders to modernise its facilities.

ICI sold its site to Ineos Chlor two years ago, and as part of the original sale the chemicals company agreed to provide the plant with a separate &#xA3;100m loan facility - of which Ineos has currently withdrawn &#xA3;75m.

The ICI group accounts have also revealed that in 2002, a &#xA3;99m charge was made to write down the carrying value of ICI's investments in Ineos Chlor.